The incubator said it will prioritise startups emerging from IIT Bombay and other top research institutions, focussing on deeptech domains such as AI, advanced computing, advanced manufacturing, materials, nuclear technology, space and defence, climate-tech, and life sciences.
“SINE understands the unique challenges (of deeptech startups) — longer gestation, higher capital requirement, need for specialised mentorship, and market access. The fund is a direct response to address these pain points and is designed to accelerate the journey of a startup from lab to market,” the incubator said in a statement.
Y-Point has received approval from the Securities and Exchange Board of India (Sebi) and is registered as a Category II Alternative Investment Fund (AIF).
“Considering the overwhelming response from IIT Bombay alumni… and interest from institutional investors and corporate partners, we are confident about closing the fundraise in the next 6-9 months,” said Shaji Varghese, CEO, SINE.
Y-Point has already started evaluating opportunities and is looking to close 2-3 investments in the next three months, Varghese added.
“The fund will serve as a catalyst for building globally competitive ventures by leveraging world-class talent, academic knowledge, and cutting-edge research in IIT Bombay and other leading academic and research institutions of the country,” said K Radhakrishnan, Chairperson, Board of Governors, IIT Bombay.
He added that the thesis of the fund revolves around accelerating the lab-to-market journey and improving technology readiness.
Earlier this year, IIT Madras too launched a Rs 200 crore IITM Alumni Fund to support startups at the pre-series and series A stage, especially those incubated at the institute.